Your boss suggests that a Cobb-Douglas production function could be a good representation of that country's income. Is your boss right?
a. Yes, you can tell by the way the income shares for each factor move in opposite directions over time.
b. No, if it were a Cobb-Douglas production function, the income shares would be constant over time.
c. The production function cannot be determined without knowing how real GDP changed over time.
d. No, if it were a Cobb-Douglas production function, the income shares would change in the same direction over time.
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